CBRE Arranges Sale of OC Office Building
- Jul 09, 2018
Online Trading Academy has acquired an office building in Irvine, Calif., for $4.8 million. CBRE represented the seller in the transaction, JFA Designs, a jewelry design company.
Located at 17791 Fitch Ave., the two-story research and development property comprises 15,405 square feet, 10 percent of which is warehouse space. The asset is within close proximity to John Wayne Airport and is situated within the Irvine Business District’s commuter and commercial SR-55 corridor. Online Trading Academy is expanding from its current location at a nearby building, and plans to implement a capital improvements program on the property.
CBRE’s Executive Vice President Gary Stache, Senior Vice Presidents Anthony DeLorenzo and Ross Bourne, as well as Director Doug Mack, arranged the sale.
“The acquisition of this building allowed the buyer to achieve substantial savings by owing instead of leasing with tremendous after-tax benefits. Given the ever-increasing rental market, they were able to lock in their payments and build up equity,” Stache told Commercial Property Executive.
In February, DeLorenzo, Stache and Mack negotiated the $13.4 million sale of 1501 Hughes Way in Long Beach, Calif. The Class A office property was purchased by Atlantic Pearl Investments.
Image courtesy of CBRE